WHAT SHOULD I KNOW ABOUT MEDICARE PART D?

Medicare Part D is a prescription drug benefit program offered by private insurance companies to help Medicare beneficiaries pay for their prescription medications. Here are some key things you should know about Medicare Part D:

Enrollment: You must enroll in Medicare Part D to receive coverage for prescription drugs. You can do this during your initial or annual open enrollment period, typically from October 15th to December 7th each year.

Plan Types: There are two main types of Medicare Part D plans: standalone prescription drug plans (PDPs) and Medicare Advantage Prescription Drug (MA-PD) plans. PDPs work with Original Medicare, while MA-PD plans to combine prescription drug coverage with other health benefits private insurance companies offer.

Cost: Medicare Part D plan costs can vary depending on your chosen plan, your income, and the medications you take. Most plans have a monthly premium, an annual deductible, copayments or coinsurance, and a coverage gap known as the “donut hole.”

Formulary: Each Part D plan has a formulary, a list of prescription drugs that the plan covers. Formularies can vary between plans, so choosing a plan that covers the medications you need is important.

Coverage Gap: If your total drug costs reach a certain threshold each year, you may enter the coverage gap (or “donut hole”), where you will be responsible for a more significant portion of the cost of your medications. In 2023, the coverage gap begins after you and your plan have spent $4,660 on covered drugs.

Catastrophic Coverage: Once you reach a certain out-of-pocket threshold, you will enter what is known as catastrophic coverage. At this point, your plan will pay for most of your remaining drug costs for the rest of the year.

Extra Help: If you have limited income and resources, you may be eligible for additional help to pay for your Medicare Part D premiums, deductibles, and copayments.

It’s important to review your Medicare Part D plan annually with a Licensed Agent like me to ensure that it still meets your needs and covers the medications you take. If you have any questions about Medicare, please call me anytime (813) 388-8373. I’m an expert in Medicare and would love to be your resource. Best of all, my consultation won’t cost you a penny.

About Steve Turner

Steve Turner is a longstanding member of the National Association of Benefits and Insurance Professionals® and holds the prestigious designation of Registered Employee Benefits Consultant® NABIP® is the preeminent organization for health insurance and employee benefits professionals. It works diligently to ensure all Americans have access to high-quality, affordable Healthcare and related services.

Steve Turner is a licensed agent appointed by Florida Blue.

Medicare Annual Enrollment Period is Oct. 15th – Dec. 7th. Steve Turner is not connected with or endorsed by the United States Government or the Federal Medicare Program. Florida Blue only offers some plans available in your area. Unfortunately, our plans in your area are limited. Please reach out to Medicare.gov or 1-800-MEDICARE to get information on all of your options.